As per the current regime, banks can take as much time as they want to pass to adjust their interest rates as per the latest 25 basis point repo rate cut. That’s because RBI’s move to hasten this process with an external benchmarking regime, has been deferred from its April 1 deadline, yet again.

Raghuram Rajan said markets have become global and governments have followed but communities have been left behind. He said that developments in information and communications technology have increased the power of education and expanded reach.

Former RBI governor Raghuram Rajan on Tuesday warned that capitalism is under "serious threat" of a "revolt" as the economic and political system has stopped providing for the people, especially after the 2008 global financial meltdown.